ICICI Venture to raise Rs. 1,000 cr

To finance real estate residential projects

ICICI Venture plans to raise Rs. 1,000 crore within a month to finance real estate residential projects in six to seven cities.

Speaking to reporters on the sidelines of a function to commission the first phase of WaveRock project developed by Tishman Speyer India Pvt. Ltd. in partnership with ICICI Venture at IT SEZ at Nanakramguda here on Tuesday, ICICI Venture President Sanjeev Dasgupta said the fund would be raised from high net worth individuals and projects in the range of Rs. 50-70 crore would be financed.

He said the total amount to be raised would include Rs. 500 crore as greenshoe option.

Mr. Dasgupta said the returns in three to four years would be around 20 per cent for companies and investors.

Mr. Dasgupta said ICICI Venture had recently raised $550 million as private equity fund and had already committed $350 million for various projects.

Chairman and co-CEO of Tishman Speyer Jerry Speyer said that several projects of his company were in the pipeline, including Mumbai and Delhi. He said the firm had more than adequate capital for India operations.